Banking
A outstanding check refers to one written on an account with a very low balance.
True
Debit Cards do not charge but credit cards do
Interest
Credit cards charge this but debit cards do not
interest
APR is another word for
Annual Percentage Rate or Interest Rate
When a check is written and there is not enough money in the checking account to cover it, we say that the check _______________
Bounced
The money that a person borrows from a bank or other financial institutions
loan
When I use my debit card the amount used come directly out of my
bank account.
If you will most likely not be able to pay off your credit card balance EVERY month but will be able to make minimum payments on time, which factor will be MOST important to you in selecting a credit card:
Interest charged on balance or APR
Banks often pay interest on which type of basic banking account?
Checking or savings accounts
If someone makes an unauthorized purchase with your card, which type of card will protect you better in this situation?
Credit
A blank endorsement allows anyone to cash a check.
True
Debit cards are also known as _________ cards
Late payments will affect your ___________ ________.
Credit Score
When you do not pay any interest on a credit card balance you transfer from another credit card, it is called _____________ interest.
zero
You want to have a ___________ credit score
High
The money that a person places in a bank account for the bank to use to invest and that also earns interest
Deposit
You should always keep this secret so that no one can make unauthorized purchases.
PIN number
There is no ________________ for paying off a credit card each month.
Penalty
What action will result in you paying the LARGEST amount of interest to the credit card company?
Paying only the minimum balance requested
If a check bounces and there is no overdraft protection, the bank will ________________.
Charge a fee (other person's bank will also charge you a fee).
It is always good practice to read your _________ __________________ each month.
Bank Statement
If you notify the bank within __________, you cannot be charged more than $50 for unauthorized use of your card
2 business days
What is the most responsible way to use a credit card?
Pay off the balance every month
Interest rates you pay on your _________ loan are based upon your credit score.
home
This line of credit ensures that checks/debit cards will be honored and not bounce.
Overdraft Protection